News: Business

Yes, greed fueled the crisis, but Cohen pinpoints what's unique about our penchant for financial manias: "...the U.S. economy is being socialized to the tune of $700 billion ($2,000 for every man, woman and child in the country) as a result of a giant mortgage-related Ponzi scheme... Let’s be clear: this is an American mess forged by the American genius for new-fangled financial instruments in an era where the mantra has been that government is dumb and the markets are smart and risk is non-existent." READ MORE >